Tony Nicolosi named acting President and CEO, Volvo Cars of
North America

New Jersey--October 7, 2013: Last week, Volvo Cars of North America, LLC (VCNA named Tony Nicolosi acting
President and CEO. Nicolosi, 53, who currently serves as President and CEO
of Volvo Car Financial Services US, LLC (VCFS), replaces John Maloney, who
has decided to leave Volvo. Tony Nicolosi will continue in his role with
VCFS in addition to his new duties for VCNA. A permanent successor as
President and CEO will be the subject of a later announcement.

“Tony has been with Volvo for 26 years, has a keen insight into
the business operations and is a strong and enthused leader,” said
Alain Visser, Senior Vice President Marketing, Sales and Customer Service
at Volvo Car Group. “As our largest market globally, VCNA’s
momentum and success in the U.S. is vital to a larger transformation taking
place at Volvo.”

John Maloney was asked to consider a senior role in Europe which he
declined for family reasons. “We would like to thank John for his
tremendous contributions over the last 14 years with the company,”
said Alain Visser.

VCNA also announced that Greg Swetoha, Executive Vice President of sales
operations, has also elected to leave Volvo. The three regional vice
presidents will now report directly to Tony Nicolosi.